Builders Warranty Insurance
Mandatory protection for new home owners
If you are a licensed builder, builders warranty insurance provides protection for the homeowner in the event you die, disappear or your business goes into receivership before you have finished their building project.
Should the construction be incomplete or defective, and you are still around and have not gone into receivership, you have a legal obligation to complete the construction and attend to workmanship issues during the warranty period.
Who requires builders warranty Insurance?
For new homes and renovations, it is mandatory for builders in most states to obtain builders warranty insurance before commencing residential building work. The requirements vary from state to state, and imar can arrange warranty insurance for builders in Victoria, New South Wales, the Australian Capital Territory, South Australia and Western Australia.
Builders warranty insurance covers the owner and any subsequent owners of the building during the warranty period of the property. Owner-builders looking to sell their home during the period within which a warranty is required, must obtain Owner Builder Warranty Insurance at the time of selling the property.
Rules vary from state to state – we can help you
To ensure our clients have the correct level cover, our building client managers keep up-to-date with the requirements and regulations applicable in each state.
To get the right advice and make sure your cover meets your specific requirements, call us on 1800 284 627 or pop your details into the ‘Get a quote’ form.
A full list of defined events are included in the policy document. The imar Tradies Tools and Stock Insurance product is subject to the policy terms and conditions. Exclusions and sub-limits may apply.